Wonga to Cut Over 300 Jobs Following Payday Loan Regulation Changes
Payday loan provider Wonga have announced they are to cut 325 following changes to payday loan regulations in the UK.
The 325 jobs will be lost across the Wonga team that supports UK operations, in London, Dublin, Cape Town and Tel Aviv.
Wonga, a trading name of WDFC UK Limited, is the biggest and best known provider of payday loans in the UK.
Founded by Errol Damelin, the company also has loan operations in South Africa, Spain, Canada, Germany and Poland.
In October 2014 Wonga wrote off £220 million of customer debt after putting in place new affordability checks.
New payday loan / short-term high cost loan regulations were put in place in January 2015, aimed at reducing the cost of borrowing and stopping borrowers going too far into debt.
The new regulations include a 100% interest cap, meaning that consumers will never have to repay more in fees and interest than the original loan amount.
You can read more about the new payday loan guidelines on the FCA website here.
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